In this interview, economist George Magnus discusses China's complicated economic landscape, including trade, the desire for self-reliance, and the government's next five-year plan. He notes that while tariffs have altered trade patterns, they haven't significantly impacted China's overall trade surplus, which stems from domestic imbalances and mercantilist trade policies. Magnus also addresses the conflict between boosting industrial strength and encouraging domestic consumption, using the electric vehicle sector as an example. The conversation shifts to the housing sector, where government intervention to prevent a bubble has led to serious consequences, including bankruptcies among private developers and an excess supply of unsold apartments. Magnus also touches on youth unemployment and the potential for migration, and concludes by looking ahead to the Central Economic Work Conference, focusing on growth targets, budget deficits, and potential measures to spur consumption and industrial policy.
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